Liabilities take money out of your pocket from "summary" of Summary - Rich Dad Poor Dad by David De Angelis
When you think about it, it's quite simple. Liabilities are things that cost you money. They are expenses that you have to pay for on a regular basis. These could be things like your mortgage, car loan, credit card debt, or any other type of financial obligation that requires you to make regular payments.
Now, when you have liabilities, these expenses take money out of your pocket. Every month, you have to come up with the cash to pay for these things. This means that you have less money available to spend on other things that you may want or need. It also means that you have less money available to invest in assets that could potentially bring in more money for you in the long run.
On the other hand, assets are things that put money into your pocket. These are things that generate income or increase in value over time. Assets could be investments like sto...
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